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OHSL FINANCIAL CORP. REPORTS FIRST QUARTER RESULTS

 CINCINNATI, May 19 /PRNewswire/ -- OHSL Financial Corp. (NASDAQ: OHSL), the parent company for Oak Hills Savings and Loan Company, F.A., today reported consolidated net income for the quarter ended March 31, 1993 of $379,000, an increase of $17,000 or 4.7 percent over the first quarter of 1992. The 1993 results of operations include the cumulative effect of changing to a different method of accounting for income taxes (as required by Financial Accounting Standard 109) which increased net income by $75,000. Without this change in accounting method, net income would have been $304,000 for the first quarter of 1993.
 OHSL Financial Corp. President Kenneth L. Hanauer stated, "although both interest income and interest expense have declined from 1992 levels, net interest income has increased by $87,000 over the same period in 1992. Net income has, however, been reduced by lower levels of non-interest income in 1993 and by increased costs associated with employee stock ownership programs adopted as part of the conversion to a stock organization." Hanauer further stated, "management has implemented new programs which are expected to increase the commission income earned on the sale of annuity and mutual fund products over the remainder of 1993."
 At March 31, 1993 OHSL had stockholders' equity of $23,454,000 or 14.4 percent of total assets.
 OHSL FINANCIAL CORP. FINANCIAL HIGHLIGHTS
 March 31, Dec. 31,
 1993 1992(A)
 Selected Financial Condition Data: (Dollars in thousands)
 Total assets $ 162,739 $ 157,613
 Loans receivable, net 125,087 124,009
 Mortgage-backed investments 17,716 15,557
 Investment securities 9,414 7,907
 Deposits 136,205 142,778
 Borrowed money 2,050 2,250
 Stockholders' equity 23,454 11,492
 Three Months Ended March 31,
 1993 1992(A)
 Selected Operations Data: (Dollars in thousands, except
 per share data)
 Total interest income $ 3,105 $ 3,435
 Total interest expense 1,751 2,168
 Net interest income 1,354 1,267
 Provision for loan losses 26 7
 Net interest income after
 provision for loan losses 1,328 1,260
 Non-interest income 73 102
 Non-interest expense 940 827
 Net income before taxes and
 cumulative effect of change in
 accounting policy 461 535
 Income tax provision 157 173
 Net income before cumulative effect
 of change in accounting policy 304 362
 Cumulative effect of changing to a
 different method of accounting
 for income taxes 75 0
 Net income $ 379 $ 362
 Earnings Per Share Data:
 Income before accounting change $ 0.22 N/A
 Accounting change 0.06 N/A
 Net income $ 0.28 N/A
 (A) -- 1992 amounts do not include the effects of OHSL Financial Corp.'s initial public offering, completed on Feb. 5, 1993.
 -0- 5/19/93
 /CONTACT: Kenneth L. Hanauer of OHSL Financial Corp., 513-574-3322/
 (OHSL)


CO: OHSL Financial Corp. ST: Ohio IN: FIN SU: ERN

BM -- CL002 -- 0119 05/19/93 08:27 EDT
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Date:May 19, 1993
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